Eurocontrol Provides Update on Turkey and Other Business Development Activities.TORONTO -- Eurocontrol Technics tech·nic n. 1. technics (used with a sing. or pl. verb) The theory, principles, or study of an art or a process. 2. technics (used with a pl. verb) Technical details, rules, or methods. 3. Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:EUO EUO Examination Under Oath EUO Easyuo (Ultima Online scripting tool) EUO Offices in Europe (International Monetary Fund) EUO Union de l'Europe Occidentale (Western European Union, WEU) ) Further to Eurocontrol's press release dated January 24, 2006 on the Turkish court proceedings initiated by its subsidiary, GFI GFI Ground Fault Interrupter GFI Go For It GFI Government-Furnished Information GFI Growing Families International GFI Goodness of Fit Indices GFI Government Financial Institutions (Philippines) GFI Gross Farm Income Petromark Ltd., the Company's Turkish legal advisors have informed GFI that the Turkish court will be responding to GFI's requested injunction action against EMRA EMRA Eastern Motor Racing Association EMRA Edmonton Motorcycle Roadracing Association EMRA East Midlands Regional Assembly EMRA Emergency Medicine Residents' Association EMRA Edmonton Model Railroad Association (Canada) (Energy Market Regulatory Authority) within the next two weeks. Although there are no certainties in court, GFI's legal advisors believe that the Turkish court will grant an injunction in favor of GFI. "We are confident that we have a strong case, particularly in light of the review of GFI's equipment and system provided by Tubitak, an independent lab, confirming in writing to the EMRA that GFI meets all technical specifications for the tender," said Gadi Gonen, President of Eurocontrol and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of GFI. Other business development initiatives for GFI beyond Turkey have been methodically in progress based upon each potential country's awareness and pursuit of new next-generation marking systems. Although the status and scope of such tenders must be limited in information publicly disclosed for competitive reasons, GFI can state that it is currently active in five other countries in pursuing tenders that the company hopes will lead to several near-term tenders being awarded within the next two to six months. These countries include Israel, Brazil, Japan and Peru, with more national marking tenders anticipated in latter 2006 and 2007. Eurocontrol will attempt to pursue such new national marking tenders as resources become available based upon the increasing awareness of the need and viability for GFI-Petromark's next-generation marking system. Eurocontrol also announced today that it has sold off a subsidiary business called C&D Automatika KFT KFT Korlátolt Felelõsségû Társaság (Hungarian: limited liability corporation) KFT Kraft Foods International (stock symbol) KFT Kilo-Feet KFT Kung Fu Tzu (Confucius) . Eurocontrol had a 50% interest in this subsidiary that was in the business of distribution of electronic measurement and controlling instruments. The transaction was carried out in exchange for a debt amount of $60,103. Commenting on the divesture, Eurocontrol's president Gadi Gonen stated, "This is a further step taken by Eurocontrol to concentrate on our new business direction announced on November 5, 2005 which is the marking of fuels through the 51% acquisition of Global Fluids International SA that Eurocontrol is earning into." About Eurocontrol Technics Inc. Eurocontrol Technics Inc. a Canadian-based company trading on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. under the symbol "EUO." Eurocontrol is currently a minority owner of Global Fluids International S.A. (www.gfi-petromark.com) and is earning into a 51% interest (see press release dated November 10, 2005). THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE AD EQUACY OR ACCURACY OF THIS RELEASE Eurocontrol Technics Inc. (TSX VENTURE:EUO) |
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